The Federal Insurance Office (FIO) was created just over 10 years ago with passage of the 2010 DoddFrank Act (Dodd-Frank), and it began operating in 2011. Its main functions are to monitor the U.S. insurance industry and to present a unified voice for U.S. interests in international insurance negotiations. It is the first federal body expressly involved in the state-based insurance regulatory system. Since its founding, the FIO has been the target of challenges regarding the scope of its powers and its very raison d’être. Opponents of the FIO point to the potential for bureaucratic overreach and expansion of its scope, while supporters cite its accomplishments. This paper will reflect on the FIO’s first decade; review its role, achievements and challenges; and make two recommendations for the FIO to become a more effective institution.

Press release: Examining the federal insurance office

Image credit: thodonal